i agree with ghost about the lazy part as I'm guilty of it,any reading more than a few paragraphs is taxing,that's what i like about this and other trading sites,this thread is often over my head but i read it because the posters in here are up on macro
Despite Poetins obvious power grab and all the corruption with it a fair amount of open criticism is there and perhaps a sign that the country is slowly evolving into something new and perhaps more investment worthy in the long run.
Well, my fed futures trade kept paying off every 6 months or so(And I would renew them). I originally got the idea from Siva Joty(Incidentally) interview. He used E$ and eventually got burned but I decided it didn't make much sense and used ZQ I also got quite a bit of confidence for holding the trade by reading Greenspan's Memoir, in particular the chapter he talks about the banking crisis and recession of the early 90's
What are you smoking? If ES tanks 4% on Monday, only idiots or those over-levered will be selling. You're supposed to take advantage of panics by buying (as some on this thread were doing last August and September). You own and love BRK for crying out loud. How can you think it's a bright idea to unload quality stocks in the midst of a big market sell off. Any discussion of books is a weak one if it doesn't include Mauboussin's Think Twice. Education of a Speculator is a top 5 as well.
Doh! Oh, the memories of that book... I remember reading Education of a Speculator (Vic Niederhoffer) when it came out and literally thinking, wow: "Here is a massively pretentious guy who WANTS to blow himself up." The book was like a psychological case study documenting delusions of grandeur (imho). I mean, VN starts off by bragging about how he never wears shoes to the office, never reads books or newspapers less than 100 years old, plays classical concertos during the trading day, on and on... in otherwords "Look at how much more refined and sensitive and cultured I am than you." The book itself was very entertaining -- ruminations on squash, lobagola analysis, hoodoos, stuff like that -- but the guy practically advertised a trading death wish. In that story of trading the yen, where his accounts were just a few ticks away from total annihilation, you can just sense VN's death lust oozing off the pages. The guy was perversely proud of juggling hand grenades, and facets of his ego came off every page. When I finished the book I wrote an Amazon review, stating "this guy wants to blow himself up" (among other critiques). Vic got Amazon to take the review down somehow. But then sure enough, not long after... and not long after that yet again... Now contrast a guy like Vic -- who shouts LOOK AT ME, LOOK AT ME -- with a book like "Soros on Soros," where the palindrome goes on at great length about how humble the market has made him, how his whole philosophy is based on the concept of fallibility, the reality of imperfect information etc. etc. etc. It's night and day. (Soros also told Vic he was going to blow up someday. Vic bragged about the anecdote in E of a S. Then he did blow up. And then once or twice more for good measure.) p.s. Ironically, if MartinGhoul had said the only trading book he'd consumed in the past 20 years was VN's, I would instantly understand the base case for his point of view...
Hmm... maybe you're right... it's a very fun read regardless, though not one I would put in the "concrete ideas and insights" category.
"On that note, the rate of GDP growth over the past three quarters is already lower than in the three quarters prior to 7 of the past 10 recessions, and the year-over-year growth rate is slower than it was just before 9 of them." http://www.hussmanfunds.com/wmc/wmc120305.htm Truth is if it wasn't for the rising stock market no one would give a shit about the 'better economic data'. If this market drops just 5% from the highs I bet people will get off the 'better economy' bandwagon as fast as they jumped in
Yes, markets make opinions. It has been thus for centuries. Will you be unloading your BRK should it drop several percentage points?